Question 1

When products are differentiated by being associated with positive qualities in the minds of customers, they are considered _____.

Accepted Answer

The answer of When products are differentiated by being associated...

Question 2

Leo Corp., a mobile manufacturer, attains competitive advantage over its rivals by providing unique features in the phones they manufacture, such as a 3000 mAh battery, facial recognition software, and customized applications.Which of the following is Leo trying to attain through these additional product features?

Accepted Answer

A)  Service standardization 
B)  Mass customization 
C)  Product depreciation 
D)  Product differentiation 
A)  Service standardization 
B)  Mass customization 
C)  Product depreciation 
D)  Product differentiation

Question 3

When products are differentiated through marketing, via advertisements, promotions, and other marketing activities, it is known as _____.

Accepted Answer

A)  brand availability 
B)  brand conflict 
C)  brand image 
D)  brand loyalty 
A)  brand availability 
B)  brand conflict 
C)  brand image 
D)  brand loyalty

Question 4

Dave's is a retail chain that offers all utility products ranging from home appliances, stationery, and groceries.Its customers prefer the store as they can buy everything they need under one roof.Dave's has more than a 100 outlets across the state, which makes the store easily accessible for customers easy.These features of Dave's best exemplify the element of _____.

Accepted Answer

A)  Quantity 
B)  Convenience 
C)  Preference 
D)  Quality 
A)  Quantity 
B)  Convenience 
C)  Preference 
D)  Quality

Question 5

_____ occur(s) when some products or services are more convenient to use because there is a large network of other users.

Accepted Answer

A)  Network ethics 
B)  Network effects 
C)  Network latency 
D)  Network virtualization 
A)  Network ethics 
B)  Network effects 
C)  Network latency 
D)  Network virtualization

Question 6

Frieda, the manager of a retail store, believes that a customer, Jake, is in the selection making stage.Nina, the sales person, believes that Jake is at the stage where he requires help in using the product.Which of the following statements strengthens Frieda's argument?

Accepted Answer

A)  Jake is unaware of his need for a product. 
B)  Jake had placed an order for the product earlier and was in the store to pick it up. 
C)  Jake is comparing the product features offered by two brands. 
D)  Jake had purchased the product and is looking for a manual. 
A)  Jake is unaware of his need for a product. 
B)  Jake had placed an order for the product earlier and was in the store to pick it up. 
C)  Jake is comparing the product features offered by two brands. 
D)  Jake had purchased the product and is looking for a manual.

Question 7

When a company mass-produces the various modules of a product and then allows customers to select which modules will be combined together, it is known as _____.

Accepted Answer

A)  mass standardization 
B)  product standardization 
C)  product differentiation 
D)  mass customization 
A)  mass standardization 
B)  product standardization 
C)  product differentiation 
D)  mass customization

Question 8

Tracie, the CEO of Boney's Inc., wanted to analyze what customers think of their products.She began her survey by finding out how her customers become aware of their needs, how they find the products, how they purchase products, and how the products are serviced or repaired.These steps are part of:

Accepted Answer

A)  mapping the consumption chain. 
B)  studying the value chain. 
C)  studying the production cycle. 
D)  mapping the supply chain. 
A)  mapping the consumption chain. 
B)  studying the value chain. 
C)  studying the production cycle. 
D)  mapping the supply chain.

Question 9

Floyd Inc., a manufacturer of washing machines, encourages customers to choose their brand through extensive marketing.Features of Floyd's products are compared with those of other brands, and customers are made to see the benefits they get from purchasing Floyd's products.Which step of the consumption chain does this scenario depict?

Accepted Answer

A)  The eighth step: what do customers need help with when they use your product? 
B)  The ninth step: what if customers aren't satisfied and need a return or exchange? 
C)  The third step: how do consumers make their final selections? 
D)  The fourth step: how do customers order and purchase your product? 
A)  The eighth step: what do customers need help with when they use your product? 
B)  The ninth step: what if customers aren't satisfied and need a return or exchange? 
C)  The third step: how do consumers make their final selections? 
D)  The fourth step: how do customers order and purchase your product?

Question 10

Tangerine Inc.differentiates its products by building a brand image, whereas Cloud Inc.does not rely on brand image to differentiate its products.Which of the following statements is likely to be true in this case?

Accepted Answer

A)  Tangerine is likely to rely on product features to attract customers. 
B)  Tangerine is likely to use advertisements to differentiate its products. 
C)  Cloud is likely to use promotional tools to increase market share. 
D)  Cloud is unlikely to rely on reliability to boost sales. 
A)  Tangerine is likely to rely on product features to attract customers. 
B)  Tangerine is likely to use advertisements to differentiate its products. 
C)  Cloud is likely to use promotional tools to increase market share. 
D)  Cloud is unlikely to rely on reliability to boost sales.

When products are differentiated by being associated with positive qualities in the minds of customers, they are considered _____.

When products are differentiated through marketing, via advertisements, promotions, and other marketing activities, it is known as _____.

_____ occur(s) when some products or services are more convenient to use because there is a large network of other users.

Frieda, the manager of a retail store, believes that a customer, Jake, is in the selection making stage.Nina, the sales person, believes that Jake is at the stage where he requires help in using the product.Which of the following statements strengthens Frieda's argument?

When a company mass-produces the various modules of a product and then allows customers to select which modules will be combined together, it is known as _____.

Tracie, the CEO of Boney's Inc., wanted to analyze what customers think of their products.She began her survey by finding out how her customers become aware of their needs, how they find the products, how they purchase products, and how the products are serviced or repaired.These steps are part of:

Tangerine Inc.differentiates its products by building a brand image, whereas Cloud Inc.does not rely on brand image to differentiate its products.Which of the following statements is likely to be true in this case?

What Is Business Strategy?

Analysis of the External Environment: Opportunities and Threats

Internal Analysis: Strengths, Weaknesses, and Competitive Advantage

Cost Advantage

Corporate Strategy

Vertical Integration and Outsourcing

Strategic Alliances

International Strategy

Innovative Strategies That Change the Nature of Competition

Competitive Strategy

Implementing Strategy

Corporate Governance and Ethics

Strategy and Society

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Exam 5: Differentiation Advantage

When products are differentiated by being associated with positive qualities in the minds of customers, they are considered _____.

When products are differentiated through marketing, via advertisements, promotions, and other marketing activities, it is known as _____.

_____ occur(s) when some products or services are more convenient to use because there is a large network of other users.

Frieda, the manager of a retail store, believes that a customer, Jake, is in the selection making stage.Nina, the sales person, believes that Jake is at the stage where he requires help in using the product.Which of the following statements strengthens Frieda's argument?

When a company mass-produces the various modules of a product and then allows customers to select which modules will be combined together, it is known as _____.

Tracie, the CEO of Boney's Inc., wanted to analyze what customers think of their products.She began her survey by finding out how her customers become aware of their needs, how they find the products, how they purchase products, and how the products are serviced or repaired.These steps are part of:

Tangerine Inc.differentiates its products by building a brand image, whereas Cloud Inc.does not rely on brand image to differentiate its products.Which of the following statements is likely to be true in this case?

What Is Business Strategy?

Analysis of the External Environment: Opportunities and Threats

Internal Analysis: Strengths, Weaknesses, and Competitive Advantage

Cost Advantage

Corporate Strategy

Vertical Integration and Outsourcing

Strategic Alliances

International Strategy

Innovative Strategies That Change the Nature of Competition

Competitive Strategy

Implementing Strategy

Corporate Governance and Ethics

Strategy and Society

Filters